Money Blog - 15 year vs 30 year - Investing the difference


THE SCENARIO I've recently written about offers I get from time to time that offer me 15-year mortgages and compare them to 30-year ones. They rightly claim that I can save thousands over the life of the loan, but I've maintained that I prefer the longer term and lower required payment of longer loans, and demonstrated that I can pay them off nearly as quickly as the shorter loans if I choose to do so. I've also said that though I'm free to pay down such loans more quickly, I generally would not do that when the interest rate on the loan is low. The primary reason for this is that once I've sent a dollar to the bank to pay down... Read more...